The rupee is trading slightly higher tracking gains in Asian and local share indices. Dollar sales by exporters aids although possible dollar purchases by importers are seen to be restricting rupee’s rise.

Shares of Jindal Steel and Power (JSPL) fell more than 1.5 percent on profit booking on Tuesday. It rallied 5.5 percent, topping the buying list in the Nifty in previous session.

Valiant Mauritius Partners on Monday sold 92,11,895 equity shares at Rs 255 apiece and Valiant Mauritius Partners Offshore offloaded 84,33,027 shares at same price through block deals on the National Stock Exchange.

However, Morgan Stanley Asia (Singapore) was the seller, buying 1,76,44,922 shares at Rs 255. The block deal was worth Rs 450 crore.

The market certainly has the legs to move up. There seem to be more positives than negatives, said Anup Bagchi, MD & CEO at ICICI Securities in an interview to CNBC-TV18

According to him there is possibility of Nifty going to 6700 levels due to pre election rally. However, although the market seems to be supported by a lot of positives like good agri-growth, unchanged rates, currency and current account deficit (CAD) under control, there is fear of slowdown in Gross Domestic Product (GDP) if the government cuts expenditure sharply.

IT space continues to remain a top pick for the house and they would also look at investing in select midcap stocks in 2014.

The Christmas cheer seems to be muted on Dalal Street today. The Sensex is down 8.50 points at 21092.53, and the Nifty is up 2.05 points at 6286.55. About 1118 shares have advanced, 634 shares declined, and 92 shares are unchanged.

The rupee is trading slightly higher tracking gains in Asian and local share indices. Dollar sales by exporters aids although possible dollar purchases by importers are seen to be restricting rupee’s rise.

Dollar index dropped marginally in thin trade only to bounce back post better than expected economic data. Government bonds are a tad lower amid low trading volumes.

Dealers may avoid building positions ahead of Christmas holiday although mild value buying may limit the downside. Asia is trading with strength with the Japanese markets hitting a six year high helped by a weaker yen